行 业 研 究 医药 2024 年 04 月 24 日 行业周报 看好/维持 医药 FDA 批准 Anktiva 与卡介苗联用治疗 NMIBC | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][11]. Core Insights - The company reported a significant decline in revenue for 2023, with total revenue of 2.05 billion yuan, down 48.42% year-on-year, primarily due to a 87.46% drop in COVID-related business [3][4]. - However, the non-COVID self-owned business showed strong growth, with revenues of 1.33 billion yuan in 2023, representing a 47% increase year-on-year [5]. - The company has seen a substantial increase in the installation of its chemical luminescence instruments, with 2,080 units installed in 2023, and a growing proportion of high-end models [6]. Summary by Sections Financial Performance - In 2023, the company achieved a net profit of 355 million yuan, a decrease of 64.93% year-on-year, with a net profit margin of 17.29% [3][11]. - For Q1 2024, the company reported a revenue of 431 million yuan, down 34.65% year-on-year, but the decline in profit is narrowing [4][11]. Business Segments - The self-owned chemical luminescence business generated revenues of 1.17 billion yuan in 2023, up 50% year-on-year, with domestic sales growing by 51% [5][6]. - The company has invested significantly in R&D, with expenditures of 325 million yuan in 2023, a 30.04% increase, focusing on various testing reagents [10]. Market Position - The company has increased its market share in the high-end segment, with the iFlash3000G model accounting for 35% of new installations in 2023 [6]. - The overall gross margin for the main business reached 56.57% in 2023, an increase of 2.92 percentage points year-on-year [7][9]. Future Projections - Revenue forecasts for 2024-2026 are 2.22 billion yuan, 2.75 billion yuan, and 3.38 billion yuan, with expected growth rates of 8%, 24%, and 23% respectively [11][18]. - The projected net profit for 2024 is 465 million yuan, reflecting a 31% increase year-on-year [11][18].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [2][14]. Core Insights - The company's revenue for 2023 reached 1.552 billion yuan, representing a year-on-year growth of 17.06%. The net profit attributable to shareholders was 256 million yuan, with a growth of 1.01% year-on-year. In Q4 alone, revenue was 898 million yuan, up 17.84%, and net profit was 160 million yuan, up 13.85% [1]. - The corn seed business generated 1.353 billion yuan in revenue, accounting for 87.23% of total revenue, with a growth of 15.25% year-on-year. The significant growth was attributed to increased downstream demand and competitive product strength [1]. - The company has a strong product matrix with multiple new corn varieties approved in 2023, enhancing its competitive advantage in the seed industry [1]. Financial Summary - For 2023, the company reported a gross margin of 29.39%, a decrease of 2.5 percentage points from the previous year, primarily due to rising seed production costs driven by higher corn prices [1]. - The projected net profits for 2024, 2025, and 2026 are 278 million yuan, 395 million yuan, and 492 million yuan, respectively, with corresponding growth rates of -3.90%, 42.74%, and 24.79% [4]. - The estimated price-to-earnings (PE) ratios for the next three years are 29.96, 21.03, and 16.90, indicating a decreasing trend [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5][6] Core Insights - The company achieved significant profit growth, with total revenue reaching 12.762 billion yuan, a year-on-year increase of 36.86%. The total profit amounted to 2.557 billion yuan, reflecting a remarkable growth of 226.99%. The net profit attributable to shareholders was 1.8 billion yuan, up by 204.94% [3][4] - The investment banking business saw record revenue of 1.255 billion yuan, a year-on-year increase of 33.99%. The company completed 29 equity underwriting projects with a total underwriting scale of 19.215 billion yuan, including 11 IPOs and 14 private placements. Additionally, 204 bond underwriting projects were completed, totaling 129.53 billion yuan [3][4] - The wealth management business expanded significantly, serving over 8.5 million clients with total managed assets exceeding 1.2 trillion yuan. The company aims to create a high-end service system to meet diverse client needs [3][4] - The asset management business experienced a decline in total scale from 218.786 billion yuan in 2022 to 122.071 billion yuan, but the company is optimizing its product and service structure [3][4] - The report forecasts revenue growth of 11.82%, 9.00%, and 6.09% for 2024, 2025, and 2026, respectively, with net profit projections of 2.321 billion yuan, 2.604 billion yuan, and 2.776 billion yuan, indicating growth rates of 28.99%, 12.17%, and 6.60% [4]

2024年04月22日 公 司点评 公 买入 / 上调 司 兆易创新(603986) 研 究 目标价: 昨收盘:74.09 24Q1 业绩显著回暖，股权激励彰显增长信心 事件：公司发布23年年报：营业总收入57.61亿元，同比下降29.14%，  走势比较 归母净利润1.61 亿元，同比下降92.15%；扣非归母净利润0.27 亿元， 同比下降98.57%。公司发布24年一季报：营业收入16.27亿元，同比增 10% 长 21.32%；归母净利润 2.05 亿元，同比增长 36.45%；扣非归母净利润 太 (4%) 1.84亿元，同比增长41.26%。 平 (18%) 24Q1显著回暖，存储产品线持续扩份额。分品类来看，公司存储/MCU/ 传感器 23 年收入分别为 40.77/13.17/3.52 亿元，同比变化-15.51%/- 洋 (32%) 53.46%/-18.97%，全年主要受行业整体需求疲软影响，于Q4基本接近周 证 (46%) 期底部。存储产品线进展亮眼，NOR Flash产品销量逆势增长，全年出货 券 (60%) 量创新高，达到 25.33 亿颗，实现 16.15%增长；DRAM 产品量产 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 92.00, compared to the last closing price of 75.41 [1][4]. Core Insights - The company has demonstrated robust growth in performance, with significant results from self-research and transformation efforts [11][18]. - The company reported a revenue of 1.017 billion yuan for 2023, reflecting a year-on-year growth of 67.51%, and a net profit of 272 million yuan, up 40.07% [9]. - The company has signed new orders worth 1.36 billion yuan in 2023, marking a 35.06% increase year-on-year, with a backlog of 1.586 billion yuan, up 18.90% [9]. Financial Summary - Revenue projections for 2024-2026 are 1.4 billion, 1.909 billion, and 2.577 billion yuan, with growth rates of 37.57%, 36.38%, and 34.98% respectively [5][9]. - Net profit forecasts for the same period are 374 million, 521 million, and 705 million yuan, with growth rates of 37.60%, 39.16%, and 35.41% respectively [5][9]. - The company’s R&D expenses for 2023 were 241 million yuan, a 45.13% increase, representing 23.69% of revenue [9]. Business Performance - The clinical and CDMO business segments showed impressive growth, with revenues of 193 million and 52 million yuan, respectively, reflecting increases of 141.25% and 152.35% year-on-year [9]. - The company has successfully transformed 104 projects in 2023, generating 392 million yuan in revenue, a 77.66% increase, with a gross margin of 78.62% [9]. - The company has over 300 drug candidates in development, targeting various disease areas including respiratory, digestive, infectious, oncology, psychiatric, and cardiovascular diseases [9]. Market Position - The company is positioned to outperform the industry, with expectations of returns exceeding the CSI 300 index by more than 5% over the next six months [7]. - The stock has shown a strong performance compared to the CSI 300 index, with a notable increase in share price over the past months [2]. Conclusion - The report indicates a strong outlook for the company, driven by high growth rates in revenue and net profit, alongside a solid pipeline of projects and orders, reinforcing the "Buy" rating [1][9][11].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company achieved a significant turnaround in performance, with a net profit of 119.42 million yuan, a year-on-year increase of 136.60% [4] - The self-operated business saw a remarkable revenue increase of 1552.25% year-on-year, reaching 36.6 million yuan [4] - The investment banking business also showed robust growth, with revenue rising by 77.70% year-on-year to 15.8 million yuan [4] - The company is expected to see revenue growth of 20.75%, 11.92%, and 10.61% for the years 2024 to 2026, respectively [4][5] - Projected net profit growth for the same period is 283.35%, 346.94%, and 382.21% [4][5] Summary by Sections Financial Performance - The company reported total revenue of 2.32 billion yuan for 2023, a decrease of 33.98% year-on-year [4] - Total assets stood at 33.04 billion yuan, down 5.02% year-on-year, while net assets increased slightly by 0.17% to 11.88 billion yuan [4] Business Segments - The subsidiary, Xiangcai Securities, generated total revenue of 1.48 billion yuan, up 37.98% year-on-year, with a net profit of 244 million yuan, reflecting a 523.44% increase [4] - The self-operated business's revenue growth was attributed to significant increases in investment income and fair value changes [4] - The investment banking segment focused on differentiated competition, achieving notable success in both equity and fixed income businesses [4] Future Projections - Earnings per share (EPS) are projected to be 0.10, 0.12, and 0.13 yuan for 2024, 2025, and 2026, respectively [5] - The price-to-earnings (PE) ratios corresponding to these EPS figures are expected to be 66.90, 54.64, and 49.60 [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a projected 2024 PE of 16x based on the closing price on April 19, 2024 [15] Core Views - The company's conventional infectious disease testing business has shown significant recovery and growth, laying a solid foundation for long-term sustainable growth [1] - The company's chronic disease management testing business achieved revenue of RMB 1.119 billion in 2023, a year-on-year increase of 19.11%, driven by the recovery of the domestic hospital market [2] - The company's drug abuse testing business achieved revenue of RMB 331 million in 2023, a year-on-year increase of 12.68%, with stable core customer groups and rapid growth in North America [3] - The company's prenatal and postnatal testing business achieved revenue of RMB 267 million in 2023, a year-on-year increase of 10.08%, with breakthroughs in key product categories [4] Financial Performance - The company's 2023 revenue was RMB 2.765 billion, a year-on-year decrease of 51.33%, with a net profit attributable to the parent company of RMB 488 million, a year-on-year decrease of 59.26% [25] - In Q1 2024, the company achieved revenue of RMB 861 million, a year-on-year increase of 3.54%, with a net profit attributable to the parent company of RMB 218 million, a year-on-year increase of 7.20% [25] - The company's gross profit margin in 2023 increased by 10.79 percentage points year-on-year to 62.61%, with significant improvements in various business segments [29] - The company's net profit margin in Q1 2024 increased by 1.29 percentage points year-on-year to 25.60% [29] R&D and Innovation - The company invested RMB 422 million in R&D in 2023, accounting for 15.26% of revenue, with breakthroughs in strategic areas such as chemiluminescence, molecular diagnostics, and pathology [13][14] - The company launched new high-speed chemiluminescence immunoassay analyzers and molecular POCT products, which have been widely recognized by top-tier hospitals [13][14] Future Projections - The company's revenue is expected to grow to RMB 3.373 billion, RMB 4.142 billion, and RMB 5.033 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22%, 21%, and 22% [15] - Net profit attributable to the parent company is expected to grow to RMB 652 million, RMB 881 million, and RMB 1.061 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34%, 35%, and 21% [15] - The company's EPS is expected to be RMB 1.38, RMB 1.87, and RMB 2.25 in 2024, 2025, and 2026, respectively [15]

2024 年 03 月 22 日 公司点评 买入/维持 ◼ 走势比较 总股本/流通(亿股) 4/4 总市值/流通(亿元) 70/70 12 个月内最高/最低价 (元) 21/12 证券分析师：刘洁冰 电话：19521279561 E-MAIL：liujb@tpyzq.com 分析师登记编号：S1190523090001 高营销投入在电商和外围持续兑现：收入端，公司在深耕优势核心五省的 基础上，借助线上势能外溢和线下渠道拓张，持续稳步推进全国化，24Q1 线下线上分别实现营业收入 4.36 亿元、2.96 亿元，同比增长 16.7%和 150.5%，线上渠道是增长的主要驱动，其中外围线下收入同比增长 52%成 为线下增长的主驱力。费用端，公司持续投入营销以协同全国化的脚步， 24Q1 销售费用 2.63 亿元/+120.7%，销售/管理/研发/财务费率分别为 34.42%/2.72%/1.99%/-0.14% ，同比 +11.59pct/-1.18pct/-0.50pct/- 0.80pct；一方面，在线下我们估计目前公司在川渝地区市占超过 30%， 云贵陕市占约 20%，网点数接近全国性头部品牌的水平，但在外 ...

卡莱特(301391) 目标价: 昨收盘:84.30 | --- | --- | --- | --- | |-------------|--------------------------------------------------------|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | 事件：公司发布 2 ...